Stocks to Buy: Jefferies picks 8 stocks with potential upside of up to 35%

Synopsis: Jefferies has highlighted eight Indian financial and insurance-related stocks including Max Financial Services Ltd, across life insurance, AMCs, wealth management and brokerage segments, maintaining BUY ratings with targets suggesting up to 33% upside potential.

Jefferies has highlighted eight Indian financial and insurance-related stocks including Max Financial Services Ltd, across life insurance, AMCs, wealth management and brokerage segments, maintaining BUY ratings with targets suggesting up to 35% upside potential.

Jefferies has adopted a positive outlook on select financial services and insurance-linked companies in India, citing strong fundamentals, steady earnings visibility, and favourable industry tailwinds. The brokerage believes these names are well-positioned to benefit from long-term structural growth in financial penetration and capital markets expansion.

The coverage spans key segments such as life insurance, general insurance, asset management, wealth advisory, and financial infrastructure services. Jefferies has assigned BUY ratings across all eight stocks, with potential upside of up to 35% based on their respective target prices.

Max Financial Services Ltd

Max Financial Services Ltd is the holding company of the Max Group’s life insurance business. Its main asset is Axis Max Life Insurance, one of India’s largest private life insurers, in partnership with Axis Bank. The company focuses on life insurance, pension, savings and protection products distributed through banks, agents and brokers.

With a market capitalisation of Rs. 56,062 cr, the shares of Max Financial Services Ltd were trading at Rs. 1624.45 per share, down from its previous close of Rs. 1654.70 per share. Jefferies retains BUY with a target price of Rs. 2,125, offering the highest upside of 31%.

SBI Life Insurance Company Ltd

SBI Life Insurance Company Ltd is one of India’s leading private life insurers, it offers term insurance, savings plans, pension products and ULIPs through SBI’s extensive banking network and other channels.

With a market capitalisation of Rs. 1,90,373 cr, the shares of SBI Life Insurance Company Ltd were trading at Rs. 1900 per share, down from its previous close of Rs. 1921.05 per share. Jefferies retains BUY with a target price of Rs. 2,500, indicating 32% upside.

Nuvama Wealth Management Ltd

Nuvama Wealth Management Ltd, formerly Edelweiss Wealth Management, provides wealth management, asset management and capital markets services. The company caters mainly to high-net-worth individuals, institutions and corporate clients, offering advisory, broking, lending against securities and alternative investments.

With a market capitalisation of Rs. 23,393 cr, the shares of Nuvama Wealth Management Ltd were trading at Rs. 1286.30 per share, down from its previous close of Rs. 1306.55 per share. Jefferies maintains BUY with a target price of Rs. 1,600, reflecting 24% upside.

KFin Technologies Ltd

KFin Technologies Ltd is a technology-driven financial services company best known as a registrar and transfer agent for mutual funds and listed companies. It provides services such as investor onboarding, KYC, transaction processing, fund administration and digital platforms for asset managers and issuers.

With a market capitalisation of Rs. 15,388 cr, the shares of KFin Technologies Ltd were trading at Rs. 892 per share, down from its previous close of Rs. 912 per share. Jefferies maintains BUY with a target price of Rs. 1,200, suggesting 35% upside.

ICICI Prudential Life Insurance Company Ltd

ICICI Prudential Life Insurance Company Ltd is among India’s top private life insurers and offers life cover, retirement plans, savings products and ULIPs, with a strong focus on customer-centric and long-term financial planning solutions.

With a market capitalisation of Rs. 78,207 cr, the shares of ICICI Prudential Life Insurance Company Ltd were trading at Rs. 540 per share, down from its previous close of Rs. 547per share. Jefferies maintains BUY with a target price of Rs. 655, suggesting 21% upside.

Star Health & Allied Insurance Company Ltd

Star Health & Allied Insurance Company Ltd is India’s largest standalone private health insurance company. It specialises in health, personal accident and travel insurance, with a vast network of hospitals, branches and agents across the country.

With a market capitalisation of Rs. 27,220 cr, the shares of Star Health & Allied Insurance Company Ltd were trading at Rs. 463 per share, up from its previous close of Rs. 469.25 per share. Jefferies reiterates BUY with a target price of Rs. 585, implying 25% upside.

HDFC Asset Management Company Ltd

HDFC Asset Management Company Ltd is the investment manager for HDFC Mutual Fund, one of India’s largest mutual fund houses. The company manages equity, debt and hybrid funds, along with portfolio management services for retail and institutional investors.

With a market capitalisation of Rs. 1,10,234 cr, the shares of HDFC Asset Management Company Ltd were trading at Rs. 2,567 per share, down from its previous close of Rs. 2,619.30 per share. Jefferies maintains BUY with a target price of Rs. 2,960, implying 15% upside.

ICICI Lombard General Insurance Company Ltd

ICICI Lombard General Insurance Company Ltd is one of India’s leading private general insurers. It provides motor, health, fire, marine, crop and liability insurance products, and is known for its strong digital capabilities and wide distribution network. 

With a market capitalisation of Rs. 87,762 cr, the shares of ICICI Lombard General Insurance Company Ltd were trading at Rs. 1,760 per share, down from its previous close of Rs. 1,786 per share. Jefferies reiterates BUY with a target price of Rs. 2,185, indicating 24% upside.

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